Cryptocurrency is just for fin-tech industries, but the underlying blockchain technology is beyond the specific industry. Booming giants of various industries are trying to leverage the blockchain tech features into their process, to revamp the existing infrastructure.
Smart Contract is one of the blockchain leveraged features which is a digital contract between two or more parties in the network. The smart contract feature can bring back more to the communities in terms of cost-cutting!
Let’s glance at smart contract terminologies and the best platforms to develop them!
Smart Contract is a set of computer protocols by which the parties in the network can verify the transactions without the intervention of third parties.
Smart Contracts are built on the blockchain network, which enables these contracts to be transparent, immutable, impossible to counterfeit. The smart contracts are similar to traditional land ownership, but with the difference of digital agreements and blockchain data storage.
Smart Contracts deals with highly secure transactions, hence it’s mandated to be safe from hackers. Many leading tech organizations are building their tools for smart contract development so that every business can leverage blockchain technology. Now, let’s glide through the best three smart contract development platforms!
Linux’s Hyperledger Fabric is the permissioned blockchain platform, which includes a specific identity for all the users across the network. It comprises of Hyperledger Composer, which allows the developers to build smart contracts with the easy-go Java language.
Linux platform has built various frameworks under Hyperledger to enhance smart contract development. The frameworks for smart contract development platforms built by Linux foundation are open-source and hence it's easily accessible to all the developers across the globe!
Ethereum, the widely used smart contract development platform achieves the blockchain network consensus through Proof-of-Work. Ethereum’s own programming language, Solidity paves way for the developers to build smart contracts much easier than before.
The greatest advantage of Ethereum’s smart contract platform is the level of standardization. Ethereum provides perfect documentation details that help the developers to maintain the standards expected by the community people.
Often, the Ethereum platform is reported for bugs, which are being continuously solved out by the team of professionals in the network. Many Smart Contract Development Services out there, leverage the documentation standards and solidity programming language of Ethereum to develop smart contracts.
Stellar, the fastest transaction smart contract development platform is ideal for multiple party agreements. Verification of transaction happens faster in the stellar smart contract platform, which is lesser than other platforms.
Stellar can be built-in a wide variety of JVM languages like Python, PHP, Ruby and much more. ICO development and other simpler smart contracts can be developed in stellar platform across the globe. It’s not ideal for complex sophisticated smart contracts!
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